SK Innovation: Difference between revisions
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==Controversies== |
==Controversies== |
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In 2019, South Korean [[electric vehicle battery]] manufacturer [[LG Chem]] sued SK Innovation with the [[U.S. International Trade Commission]] (ITC) for misappropriation of [[trade secrets]] by hiring former employees. LG Chem requested the import ban to the U.S. for SK Innovation's [[lithium-ion batteries]] and infrastructure technology from the ITC.<ref> {{cite news | author=<!--Staff writer(s)/no by-line.--> |date= April 30, 2019 |title=EV battery maker LG Chem sues SK Innovation, alleges trade secret theft |url=https://www.reuters.com/article/us-lg-chem-sk-innovation-lawsuit-idINKCN1S60H9 |work=[[Reuters]] |location=[[Seoul]] |access-date=November 4, 2021}} </ref> The ITC sided with LG Chem and issued a limited 10-year exclusion order prohibiting imports into the United States of some lithium-ion batteries by SK Innovation.<ref>{{cite news |last1=Shepardson |first1=David |last2=Yang |first2=Heekyong |date=February 11, 2021 |title=SK Innovation loses U.S. battery trade case but gets temporary OK to sell to Ford, VW |url=https://www.reuters.com/article/us-lg-chem-sk-innovation-lawsuit-idUSKBN2AA2WR |url-status= |work=[[Reuters]] |location=[[Washington D.C.|Washington]] |archive-url= |archive-date= |access-date= November 4, 2021}}</ref> In the end, SK Innovation agreed to pay LG Chem $1.8 billion in cash and royalties to avert the |
In 2019, South Korean [[electric vehicle battery]] manufacturer [[LG Chem]] sued SK Innovation with the [[U.S. International Trade Commission]] (ITC) for misappropriation of [[trade secrets]] by hiring former employees. LG Chem requested the import ban to the U.S. for SK Innovation's [[lithium-ion batteries]] and infrastructure technology from the ITC.<ref> {{cite news | author=<!--Staff writer(s)/no by-line.--> |date= April 30, 2019 |title=EV battery maker LG Chem sues SK Innovation, alleges trade secret theft |url=https://www.reuters.com/article/us-lg-chem-sk-innovation-lawsuit-idINKCN1S60H9 |work=[[Reuters]] |location=[[Seoul]] |access-date=November 4, 2021}} </ref> The ITC sided with LG Chem and issued a limited 10-year exclusion order prohibiting imports into the United States of some lithium-ion batteries by SK Innovation.<ref>{{cite news |last1=Shepardson |first1=David |last2=Yang |first2=Heekyong |date=February 11, 2021 |title=SK Innovation loses U.S. battery trade case but gets temporary OK to sell to Ford, VW |url=https://www.reuters.com/article/us-lg-chem-sk-innovation-lawsuit-idUSKBN2AA2WR |url-status= |work=[[Reuters]] |location=[[Washington D.C.|Washington]] |archive-url= |archive-date= |access-date= November 4, 2021}}</ref> In the end, SK Innovation agreed to pay LG Chem $1.8 billion in cash and royalties to avert the import ban.<ref>{{cite news |last1=Jin |first1=Hyunjoo |last2=Yang |first2=Heekyong |last3=Shepardson |first3=David |date=April 11, 2021 |title=S.Korean battery makers agree $1.8 bln settlement, aiding Biden's EV push |url=https://www.reuters.com/technology/skorean-battery-makers-agree-18-bln-settlement-aiding-bidens-ev-push-2021-04-11/ |url-status= |work=[[Reuters]] |location=[[Washington D.C.|Washington]] |archive-url= |archive-date= |access-date= December 8, 2022}}</ref> |
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==See also== |
==See also== |
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Revision as of 09:42, 8 December 2022
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Native name | 에스케이이노베이션 주식회사 |
|---|---|
| Company type | Public, Holding |
| KRX: 096770 | |
| Industry | Petroleum |
| Founded | 2007 |
| Headquarters | , |
Area served | Worldwide |
Key people | Chey Tae-won (Chairman) Kim Jun (President & CEO) |
| Parent | SK Inc. |
| Subsidiaries | SK Energy SK Geo Centric SK On SK Enmove SK Incheon Petrochem SK Trading International SK IE Technology SK Earthon |
| Website | eng |
| Footnotes / references [1] | |
SK Innovation Co., Ltd. (Korean: 에스케이이노베이션 주식회사) is an intermediate holding company of SK Group engaged in petroleum, alternative energy, and oil exploration. It runs its business through eight major subsidiaries, including SK Energy, SK Geo Centric,[2] SK On, SK Enmove, SK Incheon Petrochem, SK Trading International, SK IE Technology and SK Earthon.[1]
History
SK Energy was established in 2007 by splitting South Korea's top refiner SK Corporation into an energy operation and holding company. SK Energy handled the energy and chemical businesses, while SK Holdings was in charge of investing in subsidiaries and the life science sector.[3]
SK Innovation was created through a restructuring of SK Energy in 2011. The original SK Energy has renamed itself SK Innovation after spinning off its oil refining, lubricants, and chemical businesses. In the beginning, SK Innovation has set up three fully-owned units, including SK Energy (a newly founded company operating crude oil refining business), SK Lubricants, and SK Global Chemical.[4] After two years, SK Innovation spun off SK Energy's Incheon refinery complex and oil trading division and launched SK Incheon Petrochem and SK Trading International.[5] In 2019, the company decided to spin off its material division and established SK IE Technology.[6] On 1st October in 2021, SK Innovation officially completed the spin-off of its battery business, which is called 'SK On'.[7] In the first half of 2022, SK On is ranked fifth in the world with a market share of 7 per cent according to SNE research. [8]
Controversies
In 2019, South Korean electric vehicle battery manufacturer LG Chem sued SK Innovation with the U.S. International Trade Commission (ITC) for misappropriation of trade secrets by hiring former employees. LG Chem requested the import ban to the U.S. for SK Innovation's lithium-ion batteries and infrastructure technology from the ITC.[9] The ITC sided with LG Chem and issued a limited 10-year exclusion order prohibiting imports into the United States of some lithium-ion batteries by SK Innovation.[10] In the end, SK Innovation agreed to pay LG Chem $1.8 billion in cash and royalties to avert the import ban.[11]
See also
- SK Group
- List of electric-vehicle-battery manufacturers
- Jeju United FC, a South Korean professional football club owned by SK Energy
References
- ^ a b "SK innovation ESG REPORT 2020" (PDF). SK Innovation. Retrieved October 31, 2021.
- ^ Kim, Minu (August 31, 2021). "SK Global Chemical rebranded SK Geocentric to invest $4.3 bn in green sourcing by 2025". Maeil Business Newspaper. Retrieved October 31, 2021.
- ^ "SK Corp. Approved to Be Divided Into Two". The Korea Times. May 29, 2007.
- ^ "S.Korea SK Energy spins off units; renamed as SK Innovation". Reuters. January 3, 2011. Retrieved November 4, 2021.
- ^ "SK Innovation launches two subsidiaries". Yonhap. Seoul. July 1, 2013. Retrieved November 4, 2021.
- ^ "SK Innovation unit to expand lithium-ion battery separator output this year". Yonhap. Seoul. July 24, 2019. Retrieved November 4, 2021.
- ^ "SK Innovation spins off battery division". Electrive.com. 1 October 2021. Retrieved 1 October 2022.
- ^ "2022 1H Global[1] EV & Battery Performance Review". SNE research. Retrieved 1 October 2022.
- ^ "EV battery maker LG Chem sues SK Innovation, alleges trade secret theft". Reuters. Seoul. April 30, 2019. Retrieved November 4, 2021.
- ^ Shepardson, David; Yang, Heekyong (February 11, 2021). "SK Innovation loses U.S. battery trade case but gets temporary OK to sell to Ford, VW". Reuters. Washington. Retrieved November 4, 2021.
- ^ Jin, Hyunjoo; Yang, Heekyong; Shepardson, David (April 11, 2021). "S.Korean battery makers agree $1.8 bln settlement, aiding Biden's EV push". Reuters. Washington. Retrieved December 8, 2022.
External links
- Official website
- Business data for SK Innovation:
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